讲座1题目：Relative bond-stock liquidity and capital structure choices

时间：10月5日15:00-16:30

讲座2题目：Pitching Research Matters

时间：10月5日16:30-17:30

地点：博学楼925

主讲人：Robert Faff

主讲人简介：

Professor Robert Faff (FASSA) has an international reputation in finance research: securing 15 ARC grants ($4 million+); 350+ refereed journal publications; 20,000+ career citations; Google h-index of 72. His particular passion is nurturing the career trajectories of novice researchers. Robert has supervised (examined) 50 (50+) PhD student graduates (dissertations). Building on a 40-year academic career, his signature focus is "Pitching Research“[https://ssrn.com/abstract=2462059],  with 23,000+ downloads; 400+ pitching talks/events; at 37 Australian universities; and spanning >50 countries. Further, he is Editor-in-Chief of Pacific-Basin Finance Journal and the Founder & President of the InSPiR2eS research network and creator of the InSPiR2eS Centre for Responsible Science.

罗伯特-法夫教授（FASSA）在金融研究领域享有国际声誉：获得15项 ARC 基金（400 万美元以上）；发表 350多篇经审阅的期刊论文；职业生涯中被引用 20,000多次；谷歌h指数为72。他尤其热衷于培养新晋研究人员的职业轨迹。罗伯特已指导（审查）了50 多名博士毕业生（论文）。在长达40年的学术生涯中，他的主要研究方向是 "铺设研究"[https://ssrn.com/abstract=2462059]，下载量超过23,000次；在37所澳大利亚大学举办过400多次推销讲座/活动；足迹遍布>50个国家。此外，他还是《太平洋盆地金融期刊》（Pacific-Basin Finance Journal）的主编、InSPiR2eS 研究网络的创始人和主席，以及 InSPiR2eS 负责任科学中心的创建人。

讲座1内容简介：

This paper investigates whether the relative liquidity of a firm's bonds versus its stock affects its capital structure choice. As capital structure decisions involve balancing the costs and benefits of different financing alternatives, the relative liquidity of bonds versus stock plausibly matters since a relative liquidity differential might lead to one financing option being materially (relatively) cheaper than the other. As predicted, we find some evidence that, other things being equal, firms with relatively more liquid bonds compared to stock have higher leverage. While the relationship between bond-stock relative liquidity and leverage is statistically significant, our evidence suggests that it comes with only modest economic importance.

本文研究了企业债券与股票的相对流动性是否会影响企业的资本结构选择。由于资本结构决策涉及平衡不同融资方案的成本与收益，债券与股票的相对流动性似乎很重要，因为相对流动性差异可能会导致一种融资方案比另一种方案更便宜（相对）。正如我们所预测的那样，我们发现一些证据表明，在其他条件不变的情况下，与股票相比，债券流动性相对较高的公司的杠杆率更高。虽然债券-股票相对流动性与杠杆率之间的关系在统计上是显著的，但我们的证据表明，这种关系的经济重要性并不高。

讲座2内容简介：

“Pitching Research” (Faff, 2015) is a research planning framework (based on a small set of organizing principles – namely, to be structured, brief, simple, methodical, clear, & focused). The framework challenges a (novice) researcher to effectively communicate their research ideas to an academic field expert. You have a total budget of 1,000 words ± 20%, to be allocated across 11 items. (A) Working Title – 10-12 words. (B) Research Question – 20-30 words (1-2 sentences). (C) Key Papers – 60-70 words (3 papers). (D) Motivation – 150-200 words (4-6 sentences or dot points). (E) Idea; (F) Data; & (G) Tools – 100-150 words each (3-6 dot points each). (H) Novelty; (I) “So What?”; & (J) Contribution – 50-100 words each (2-4 sentences each). (K) “Other Considerations” – 50-100 words (3 dot points). The current paper digs deeper on all these elements, gives practical guidance and, above all, is designed to be an enduring compass for all researchers on the “hazardous” journey of scientific discovery.

"铺设研究"（Faff，2015 年）是一个研究规划框架（基于一小套组织原则--即有条理、简短、简单、有方法、清晰和有重点）。该框架要求（新手）研究人员向学术领域的专家有效传达自己的研究想法。字数预计为 1,000 字（± 20%），分配给 11 个项目。(A) 工作标题 - 10-12 个字。(B) 研究问题--20-30 个字（1-2 句话）。(C) 主要论文 - 60-70 字（3 篇论文）。(D) 动机 - 150-200 个字（4-6 句话或要点）。(E) 观点；(F) 数据；以及 (G) 工具--各 100-150 字（各 3-6 点）。(H) 新颖性；(I) "所以呢？"；(J) 贡献--各 50-100 字（各 2-4 句）。(K) "其他考虑"--50-100 个字（3 个点）。本文对所有这些要素进行了深入挖掘，并提供了实用指导，最重要的是，本文旨在成为所有研究人员在科学发现的 "危险 "旅程中的持久指南针。